SB 594 - This act exempts certain lines and endorsements of commercial insurance from requirements to file rates, rate plans, modifications, and manuals with the Department of Insurance, Financial Institutions, and Professional Registration, and specifies that filings for other commercial lines and endorsements shall be filed for informational purposes within 10 days of their use.
This act specifies that the commercial policies' forms are exempt from filing requirements if the commercial policyholder's annual commercial premiums total at least $100,000 and the policyholder employs a full time risk manager or has retained a licensed insurance producer to negotiate on its behalf.
Policies exempt from these filing requirements shall include a notice that the policy may include rates or forms exempt from filing with the Department of Insurance, Financial Institutions, and Professional Registration.
Insurers renewing policies exempt from form filing requirements shall give notice at least 10 days prior to the policy's expiration date if, after renewal, there will be a material change in coverage not specifically requested by the insured, required by law, or based on change to the risk insured.
These exemptions apply to policies issued or renewed on or after January 1, 2019.
This act is similar to HB 1287 (2018), SCS/HCS/HB 741 (2017), to provisions in HCS/SCS/SB 334 (2017), and to provisions in HCB 10 (2017). This act is similar to SB 386 (2017).
ERIC VANDER WEERD